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Document And Entity Information
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3 Months Ended | |
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Mar. 31, 2012
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May 09, 2012
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| Document and Entity Information [Abstract] | ||
| Entity Registrant Name | ACADIA REALTY TRUST | |
| Entity Central Index Key | 0000899629 | |
| Current Fiscal Year End Date | --12-31 | |
| Entity Filer Category | Large Accelerated Filer | |
| Document Type | 10-Q | |
| Document Period End Date | Mar. 31, 2012 | |
| Document Fiscal Year Focus | 2012 | |
| Document Fiscal Period Focus | Q1 | |
| Amendment Flag | false | |
| Entity Common Stock, Shares Outstanding | 43,883,941 |
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- Details
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- Definition
If the value is true, then the document as an amendment to previously-filed/accepted document. No definition available.
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- Definition
End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition
The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type is limited to the same value as the supporting SEC submission type, minus any "/A" suffix. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, 497, NCSR, N-CSR, N-CSRS, N-Q, 10-KT, 10-QT, 20-FT, POS AM and Other. No definition available.
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument No definition available.
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- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount as of the balance sheet date of distribution in excess of income from, and investments in, unconsolidated affiliates. No definition available.
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| X | ||||||||||
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- Definition
Sum of the carrying values as of the balance sheet date of obligations incurred through that date, including liabilities incurred and payable to vendors for goods and services received, taxes, interest, rent and utilities, compensation costs, payroll taxes and fringe benefits (other than pension and postretirement obligations), contractual rights and obligations, and statutory obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
For an unclassified balance sheet, the amount due from customers or clients for goods or services that have been delivered or sold in the normal course of business, reduced to their estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Including the current and noncurrent portions, carrying value as of the balance sheet date of a written promise to pay a note, initially due after one year or beyond the operating cycle if longer, which can be exchanged for a specified amount of one or more securities (typically common stock), at the option of the issuer or the holder. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The carrying amount of deferred costs. No definition available.
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| X | ||||||||||
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- Definition
The current amount of expenditures for a real estate project that has not yet been completed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
For an unclassified balance sheet, amounts due from related parties including affiliates, employees, joint ventures, officers and stockholders, immediate families thereof, and pension funds. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The designation of funds furnished by a borrower to a lender to assure future payments of the borrower's real estate taxes and insurance obligations with respect to a mortgaged property. Escrow deposits may be made for a variety of other purposes such as earnest money and contingent payments. This element excludes replacement reserves which are an escrow separately provided for within the US GAAP taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate sum of gross carrying value of a major finite-lived intangible asset class, less accumulated amortization and any impairment charges. A major class is composed of intangible assets that can be grouped together because they are similar, either by their nature or by their use in the operations of a company. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Cost of real estate projects incurred for projects for eventual sale or transfer (condominium or time share projects, vacation clubs). No definition available.
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| X | ||||||||||
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- Definition
Aggregate of the carrying amounts as of the balance sheet date of investments in building and building improvements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total investments in (A) an entity in which the entity has significant influence, but does not have control, (B) subsidiaries that are not required to be consolidated and are accounted for using the equity and or cost method, and (C) an entity in which the reporting entity shares control of the entity with another party or group. Includes long-term advances receivable from a party that is affiliated with the reporting entity by means of direct or indirect ownership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount as of the balance sheet date of real estate held for productive use. This excludes land held for sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Reflects the sum of the gross carrying amounts of unpaid loans issued to businesses to acquire, develop, construct, improve, or refinance land or a building. Includes [but is not limited to] commercial mortgage loans, which are secured by a [legal] security interest in real property [commercial building or business real property] which thereby serves as collateral securing repayment of the loan; and construction financing, which is an obligation generally in the form of a [promissory] note, used for the funding of construction projects. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Including current and noncurrent portions, aggregate carrying amount of long-term borrowings as of the balance sheet date. May include notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, which had initial maturities beyond one year or beyond the normal operating cycle, if longer, and after deducting unamortized discount or premiums, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This element represents a liability associated with the acquisition of an off-market lease when the terms of the lease are unfavorable to the market terms for the lease at the date of acquisition. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate carrying amount, as of the balance sheet date, of liabilities not separately disclosed in the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amount for an unclassified balance sheet date of expenditures made in advance of when the economic benefit of the cost will be realized, and which will be expensed in future periods with the passage of time or when a triggering event occurs and the carrying amount as of the balance sheet date of assets not otherwise specified in the taxonomy. Also includes assets not individually reported in the financial statements, or not separately disclosed in notes. No definition available.
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| X | ||||||||||
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- Definition
The cumulative amount of depreciation for real estate property held for investment purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Represents a total which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net book value of real estate property held for investment purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $)
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Mar. 31, 2012
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Dec. 31, 2011
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| Common Shares, Par Value (in dollars per share) | $ 0.001 | $ 0.001 |
| Common shares, authorized (in shares) | 100,000,000 | 100,000,000 |
| Common shares, issued (in shares) | 43,572,025 | 42,586,376 |
| Common shares, outstanding (in shares) | 43,572,025 | 42,586,376 |
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- Definition
Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
Interest income earned on loans issued by the company secured by mortgaged properties. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Costs incurred and are directly related to generating revenues from leased and rented property or equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Gain (loss) after tax expense or benefit, not previously recognized and resulting from the sale of a business component, which is recognized at the date of sale. A gain (loss) reflects the amount by which the consideration received exceeds (is exceeded by) the net carrying amount (reflecting previous provisions for loss on disposal, if any) of the disposal group. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
After tax income (loss) from operations of a business component (exclusive of any gain (loss) on disposal, or provision therefore) during the reporting period, until its disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
Amount represents the difference between the fair value of the payments made and the carrying amount of the debt at the time of its extinguishment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This element represents the income or loss from continuing operations attributable to noncontrolling interests, if any, which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items which are apportioned to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The portion of earnings or loss from continuing operations before income taxes that is attributable to domestic operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This element represents the overall income (loss) from a disposal group that is classified as a component of the entity, net of income tax, reported as a separate component of income before extraordinary items before deduction or consideration of the amount which may be allocable to noncontrolling interests, if any. Includes the following (net of tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This element represents the overall income (loss) from a disposal group that is classified as a component of the entity, net of income tax, reported as a separate component of income before extraordinary items, which is apportioned to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This item includes the following (net of tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income (loss) derived from discontinued operations during the period, net of related tax effect, per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income or loss derived from discontinued operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Interest and debt related expenses associated with nonoperating financing activities of the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Revenue, comprised of base and incentive revenue derived from the management of joint ventures, managing third-party properties, or another entity's operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The portion of net Income or Loss attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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| X | ||||||||||
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- Definition
The total amount of lease revenue recognized for the period for which the lessee was obligated under leasing arrangements regardless of any other events or conditions. This amount excludes contingent revenue and sublease revenue. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The total amount of other operating cost and expense items that are associated with the entity's normal revenue producing operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Other real estate revenue not otherwise specified in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate revenue from real estate operations during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
A tax based on the assessed value of real estate by the local government. The tax is usually based on the value of property (including the land). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
In accordance with the provisions of their lease agreement, this element represents allowable charges due a landlord from its tenant. In retail store and office building leases, for example, tenant reimbursements may cover items such as taxes, utilities, and common area expenses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
|---|---|---|
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Mar. 31, 2012
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Mar. 31, 2011
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|
| Net income | $ 2,823 | $ 9,652 |
| Other Comprehensive income | ||
| Unrealized income (loss) on valuation of swap agreements | 57 | (307) |
| Reclassification of realized interest on swap agreements | 637 | 885 |
| Other comprehensive income | 694 | 578 |
| Comprehensive income | 3,517 | 10,230 |
| Comprehensive loss (income) attributable to noncontrolling interests | 1,087 | (312) |
| Comprehensive income attributable to Common Shareholders | $ 4,604 | $ 9,918 |
| X | ||||||||||
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- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to noncontrolling interests, if any. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the economic entity, including both controlling (parent) and noncontrolling interests. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, including any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
This element represents Other Comprehensive Income or Loss, Net of Tax, for the period. Includes deferred gains or losses on qualifying hedges, unrealized holding gains or losses on available-for-sale securities, minimum pension liability, and cumulative translation adjustment. While for technical reasons this element has no balance attribute, the default assumption is a credit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Net of tax effect of the reclassification adjustment for accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges included in accumulated comprehensive income that was realized in net income during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Change in accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges, net of tax effect. The after tax effect change includes an entity's share of an equity investee's Increase or Decrease in deferred hedging gains or losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Employee Restricted Shares Cancelled, Shares No definition available.
|
| X | ||||||||||
|
- Definition
Employee Restricted Shares Cancelled, Value No definition available.
|
| X | ||||||||||
|
- Definition
Number of common stock issued during the period to Trustees. No definition available.
|
| X | ||||||||||
|
- Definition
Value of common stock issued during the period to Trustees. No definition available.
|
| X | ||||||||||
|
- Definition
Issuance of LTIP unit awards to employees adjustment to non-controlling interests. No definition available.
|
| X | ||||||||||
|
- Definition
Issuance of OP Units to Acquire Real Estate No definition available.
|
| X | ||||||||||
|
- Definition
Noncontrolling Interest, Increase from Contributions No definition available.
|
| X | ||||||||||
|
- Definition
Number of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury before adjustment towards Comprehensive income. No definition available.
|
| X | ||||||||||
|
- Definition
Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest) before adjustment towards Comprehensive income. No definition available.
|
| X | ||||||||||
|
- Definition
Stock Issued During Period, Value, Net of Issuance Costs No definition available.
|
| X | ||||||||||
|
- Definition
Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the economic entity, including both controlling (parent) and noncontrolling interests. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, including any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Equity impact of aggregate cash, stock, and paid-in-kind dividends declared for common shareholders during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Decrease in noncontrolling interest balance from payment of dividends or other distributions by the non-wholly owned subsidiary or partially owned entity, included in the consolidation of the parent entity, to the noncontrolling interest holders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net of tax effect of the reclassification adjustment for accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges included in accumulated comprehensive income that was realized in net income during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Change in accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges, net of tax effect. The after tax effect change includes an entity's share of an equity investee's Increase or Decrease in deferred hedging gains or losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of shares issued during the period upon the conversion of units. An example of a convertible unit is an umbrella partnership real estate investment trust unit (UPREIT unit). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of shares issued during the period as a result of an employee stock purchase plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of new stock issued during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of shares issued during the period related to Restricted Stock Awards, net of any shares forfeited. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of share options (or share units) exercised during the current period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Value of stock issued during the period upon the conversion of units. An example of a convertible unit is an umbrella partnership real estate investment trust unit (UPREIT unit). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate change in value for stock issued during the period as a result of employee stock purchase plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Value of stock related to Restricted Stock Awards issued during the period, net of the stock value of such awards forfeited. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Value stock issued during the period as a result of the exercise of stock options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY AND COMPREHENSIVE INCOME (Parentheticals) (USD $)
|
3 Months Ended | |
|---|---|---|
|
Mar. 31, 2012
|
Mar. 31, 2011
|
|
| Common Stock, Dividends, Per Share, Declared | $ 0.18 | $ 0.18 |
| X | ||||||||||
|
- Definition
Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Mortgage debt assumed under acquisition of interest in unconsolidated affiliate attributable to real estate. No definition available.
|
| X | ||||||||||
|
- Definition
Cash outflow towards deferred acquisition and leasing costs. No definition available.
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in the carrying amount of escrow deposits. No definition available.
|
| X | ||||||||||
|
- Definition
Issuance of OP Units to Acquire Real Estate No definition available.
|
| X | ||||||||||
|
- Definition
Non-cash accretion of notes receivable. No definition available.
|
| X | ||||||||||
|
- Definition
The cash inflow from unconsolidated affiliates by renturn of capital. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The component of interest expense comprised of the periodic charge against earnings over the life of the financing arrangement to which such costs relate. Alternate captions include Noncash Interest Expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in cash and cash equivalents. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Gain (loss) after tax expense or benefit, not previously recognized and resulting from the sale of a business component, which is recognized at the date of sale. A gain (loss) reflects the amount by which the consideration received exceeds (is exceeded by) the net carrying amount (reflecting previous provisions for loss on disposal, if any) of the disposal group. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount represents the difference between the fair value of the payments made and the carrying amount of the debt at the time of its extinguishment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in other liabilities used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current liabilities, other noncurrent liabilities, or a combination of other current and noncurrent liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets,or income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash paid for interest during the period net of cash paid for interest that is capitalized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash inflow or outflow from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net cash inflow or outflow from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Other income (expense) included in net income that results in no cash inflows or outflows in the period. Includes noncash adjustments to reconcile net income (loss) to cash provided by (used in) operating activities that are not separately disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The total of the cash outflow during the period which has been paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt and the cost incurred directly for the issuance of equity securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for acquisition of or capital improvements to properties held for investment (operating, managed, leased) or for use. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow to reacquire common stock during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow from the distribution of an entity's earnings in the form of dividends to common shareholders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow associated with the purchase of or advances to an equity method investments, which are investments in joint ventures and entities in which the entity has an equity ownership interest normally of 20 to 50 percent and exercises significant influence. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow to acquire an agreement for an unconditional promise by the maker to pay the entity (holder) a definite sum of money at a future date. Such amount may include accrued interest receivable in accordance with the terms of the note. The note also may contain provisions including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among myriad other features and characteristics. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow from the acquisition of a piece of land, anything permanently fixed to it, including buildings, structures on it and so forth; includes real estate intended to generate income for the owner; excludes real estate acquired for use by the owner. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow to return capital to noncontrolled interest, which generally occurs when noncontrolling shareholders reduce their ownership stake (in a subsidiary of the entity). This element does not include dividends paid to noncontrolling shareholders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with principal collections from a borrowing supported by a written promise to pay an obligation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from an entity that is affiliated with the entity by means of direct or indirect ownership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from the additional capital contribution to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from amounts received from issuance of long-term debt that is wholly or partially secured by collateral. Excludes proceeds from tax exempt secured debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the amount received from holders to acquire the entity's shares under incentive and share awards other than stock option exercises. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow contributed by noncontrolled interest that purchase additional shares or otherwise increase their ownership stake in a subsidiary of the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Cash received from the sale of real estate that is held for investment, that is, it is part of an investing activity during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow to repay long-term debt that is wholly or partially secured by collateral. Excludes repayments of tax exempt secured debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
|---|---|---|
|
Mar. 31, 2012
|
Mar. 31, 2011
|
|
| Stock issuance costs | $ 126 | $ 0 |
| Cash paid for capitalized interest | $ 1,433 | $ 1,188 |
| X | ||||||||||
|
- Definition
The amount of cash paid during the current period for interest that is capitalized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for cost incurred directly with the issuance of an equity security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
ORGANIZATION AND BASIS OF PRESENTATION
|
3 Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Mar. 31, 2012
|
|||||||||||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||
| Organization and Basis of Presentation | ORGANIZATION AND BASIS OF PRESENTATION Business and Organization Acadia Realty Trust (the “Trust”) and subsidiaries (collectively, the “Company”), is a fully-integrated equity real estate investment trust (“REIT”) focused on the ownership, management and redevelopment of retail properties and urban/infill mixed-use properties with a retail component located primarily in high-barrier-to-entry, densely-populated metropolitan areas in the United States along the East Coast and in Chicago. All of the Company's assets are held by, and all of its operations are conducted through, Acadia Realty Limited Partnership (the “Operating Partnership”) and entities in which the Operating Partnership owns an interest. As of March 31, 2012, the Trust controlled approximately 99% of the Operating Partnership as the sole general partner. As the general partner, the Trust is entitled to share, in proportion to its percentage interest, in the cash distributions and profits and losses of the Operating Partnership. The limited partners primarily represent entities or individuals that contributed their interests in certain properties or entities to the Operating Partnership in exchange for common or preferred units of limited partnership interest (“Common OP Units” or “Preferred OP Units”) and employees who have been awarded restricted OP units (“LTIP Units”) as long-term incentive compensation (Note 13). Limited partners holding Common OP Units are generally entitled to exchange their units on a one-for-one basis for common shares of beneficial interest of the Trust (“Common Shares”). As of March 31, 2012, the Company has ownership interests in 54 properties within its core portfolio, which consist of those properties either 100% owned, or partially owned through joint venture interests, by the Operating Partnership, or subsidiaries thereof, not including those properties owned through its opportunity funds (“Core Portfolio”). The Company also has ownership interests in 35 properties within its three opportunity funds, Acadia Strategic Opportunity Fund L.P. (“Fund I”), Acadia Strategic Opportunity Fund II, LLC (“Fund II”) and Acadia Strategic Opportunity Fund III LLC (“Fund III” and together with Fund I and Fund II, the “Opportunity Funds”). The 89 Core Portfolio and Opportunity Fund properties consist of commercial properties, primarily neighborhood and community shopping centers, mixed-use properties with a retail component and self-storage properties. In addition, the Company also invests in operating companies through Acadia Mervyn Investors I, LLC (“Mervyns I”), Acadia Mervyn Investors II, LLC (“Mervyns II”) and Fund II, all on a non-recourse basis. These investments comprise and are referred to as the Company's Retailer Controlled Property initiative (“RCP Venture”). The Operating Partnership has the following equity interests in the Opportunity Funds, Mervyns I and Mervyns II:
In addition, with respect to each of the Opportunity Funds, Mervyns I and Mervyns II, the Operating Partnership is entitled to a profit participation in excess of its equity interest percentage based on certain investment return thresholds (“Promote”). Basis of Presentation The consolidated financial statements include the consolidated accounts of the Company and its investments in partnerships and limited liability companies in which the Company is presumed to have control in accordance with the consolidation guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). Investments in entities for which the Company has the ability to exercise significant influence but does not have financial or operating control, are accounted for under the equity method of accounting. Accordingly, the Company's share of the net earnings (or losses) of entities accounted for under the equity method are included in consolidated net income under the caption, Equity in Earnings (Losses) of Unconsolidated Affiliates. Investments in entities for which the Company does not have the ability to exercise any influence are accounted for under the cost method. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. 1. ORGANIZATION AND BASIS OF PRESENTATION (continued) Actual results could differ from these estimates. Operating results for the three months ended March 31, 2012 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2012. The information furnished in the accompanying consolidated financial statements reflects all adjustments that, in the opinion of management, are necessary for a fair presentation of the aforementioned consolidated financial statements for the interim period. These consolidated financial statements should be read in conjunction with the Company's 2011 Annual Report on Form 10-K, as filed with the SEC on February 28, 2012. Reclassifications Certain reclassifications have been made to the 2011 financial statements to conform to the 2012 presentation. Real Estate The Company reviews its operating long-lived assets for impairment when there is an event or change in circumstances that indicates that the carrying amount may not be recoverable. The Company records impairment losses and reduces the carrying value of properties when indicators of impairment are present and the expected undiscounted cash flows related to those properties are less than their carrying amounts. In cases where the Company does not expect to recover its carrying costs on properties held for use, the Company reduces its carrying cost to fair value, and for properties held-for-sale, the Company reduces its carrying value to the fair value less costs to dispose. Management does not believe that the values of any of the Company's properties are impaired as of March 31, 2012. Involuntary Conversion of Asset The Company experienced significant flooding that resulted in extensive damage to one of its properties during September 2011. Costs related to the clean-up and redevelopment are insured to a limit sufficient that the Company believes will allow for full restoration of the property. Loss of rents during the redevelopment are covered by business interruption insurance subject to a $0.1 million deductible. The Company plans to restore the improvements that were damaged by the flooding and expects that the costs of such restoration and rebuilding will be recoverable from insurance proceeds. In accordance with ASC Topic 360 “Property, Plant and Equipment,” and as a result of the above-described property damage, the Company has recorded a write-down of the asset's carrying value in the accompanying consolidated balance sheets of approximately $1.4 million as of March 31, 2012. In addition, the Company has recorded an insurance recovery in the same amount that is included in Prepaid Expenses and Other Assets in the accompanying consolidated balance sheets. The Company has also provided a $0.1 million provision in the 2011 year-end consolidated statement of income of the Company's 2011 Annual Report on Form 10-K, as filed with the SEC for its exposure to the insurance deductible attributable to the loss of rents. As of March 31, 2012, the Company has received initial insurance proceeds of approximately $6.9 million. Recent Accounting Pronouncements During May 2011, the FASB issued ASU No. 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs.” ASU No. 2011-04 amended ASC 820, Fair Value Measurements and Disclosures, to converge the fair value measurement guidance in GAAP and International Financial Reporting Standards (“IFRS”). The amendments, which primarily require additional fair value disclosure, are to be applied prospectively. ASU 2011-04 is effective for interim and annual periods beginning after December 15, 2011. The adoption of ASU No. 2011-04 did not have a material impact on the Company's financial condition or results of operations. During June 2011, the FASB issued ASU No. 2011-05, “Presentation of Comprehensive Income,” which revises the manner in which companies present comprehensive income. Under ASU No. 2011-05, companies may present comprehensive income, which is net income adjusted for the components of other comprehensive income, either in a single continuous statement of comprehensive income or by using two separate but consecutive statements. Regardless of the alternative chosen, companies must display adjustments for items reclassified from other comprehensive income into net income within the presentation of both net income and other comprehensive income. ASU 2011-05 is effective for interim and annual periods beginning after December 15, 2011, on a retrospective basis. The Company adopted ASU 2011-05 as of December 31, 2011 and the adoption did not have a material impact on the Company's financial condition or results of operations. 1. ORGANIZATION AND BASIS OF PRESENTATION (continued) During December 2011, the FASB issued ASU No. 2011-10, “Property, Plant and Equipment (Topic 360): Derecognition of in Substance Real Estate - a Scope Clarification" which clarifies current guidance found in ASC Topic 810 as to the proper accounting in situations when a reporting entity ceases to have a controlling financial interest in a subsidiary that is in substance real estate as a result of default on the subsidiary's nonrecourse debt. ASU No. 2011-10 is effective for fiscal years, and interim periods within those years,beginning on or after June 15, 2012. The adoption of ASU No. 2011-10 is not expected to have a material impact on the Company's financial condition or results of operations. |
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EARNINGS PER COMMON SHARE
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Mar. 31, 2012
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Common Share | EARNINGS PER COMMON SHARE Basic earnings per Common Share is computed by dividing net income attributable to Common Shareholders by the weighted average Common Shares outstanding. At March 31, 2012, the Company has unvested LTIP Units (Note 13) which provide for non-forfeitable rights to dividend equivalent payments. Accordingly, these unvested LTIP Units are considered participating securities and are included in the computation of basic earnings per Common Share pursuant to the two-class method. Diluted earnings per Common Share reflects the potential dilution of the conversion of obligations and the assumed exercises of securities including the effects of restricted share unit (“Restricted Share Units”) and share option awards issued under the Company's Share Incentive Plans (Note 13). The effect of the assumed conversion of 188 Series A Preferred OP Units into 25,067 Common Shares would be anti-dilutive and are therefore not included in the computation of diluted earnings per share for the three months ended March 31, 2012, but would be dilutive and therefore are included in the computation of diluted earnings per share for the three months ended March 31, 2011. The effect of the conversion of Common OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Common Shares on a one-for-one basis. The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share. The conversion of the convertible notes payable (Note 9) is not included in the computation of basic and diluted earnings per share as such conversion, based on the current market price of the Common Shares, would be settled with cash. The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the periods indicated:
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The entire disclosure for earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS
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Mar. 31, 2012
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| Noncontrolling Interest [Abstract] | |
| Shareholders' Equity And Noncontrolling Interests | SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS During January 2012, the Company established an at-the-market (“ATM”) equity program with an aggregate offering amount of up to $75.0 million in Common Shares. The Company intends to use the future net proceeds of this offering for general corporate purposes, which may include, among other things, repayment of its debt, future acquisitions (directly in the Core Portfolio and through its Opportunity Funds), and redevelopments of and capital improvements to its properties. During the first quarter 2012, the Company issued 0.8 million Common Shares through the ATM program which generated gross proceeds of $18.2 million and net proceeds of $17.9 million. Of the net proceeds of $17.9 million, $8.2 million was received during March 2012 and $9.7 million was received during April 2012. The net proceeds were used for acquisitions and general corporate purposes. Noncontrolling interests represent the portion of equity in entities consolidated in the accompanying financial statements that the Company does not own. Such noncontrolling interests are reported on the Consolidated Balance Sheets within equity, separately from shareholders' equity. Noncontrolling interests include third party interests in the Company’s Opportunity Funds and other entities. It also includes interests in the Operating Partnership which represent (i) the limited partners’ 384,991 and 279,748 Common OP Units at March 31, 2012 and December 31, 2011, respectively; (ii) 188 Series A Preferred OP Units at March 31, 2012 and December 31, 2011; and (iii) 237,000 and 217,826 LTIP Units at March 31, 2012 and December 31, 2011, respectively. |
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The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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ACQUISITION AND DISPOSITION OF PROPERTIES AND DISCONTINUED OPERATIONS
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Mar. 31, 2012
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| ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS ABSTRACT | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquisitions And Disposition Of Properties And Discontinued Operations | ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS Acquisitions Core Portfolio During March 2012, the Company acquired a four property portfolio located in Chicago, Illinois for $18.8 million, including the assumption of debt of $16.0 million. During February 2012, the Company acquired a 40,000 square foot single tenant property for $12.2 million, which included the assumption of $7.0 million of in-place mortgage debt. In addition, the Company acquired a 13,300 square foot single tenant property for $6.7 million. Both properties are located in Cambridge, Massachusetts. During January 2012, the Company acquired 1520 North Milwaukee Avenue, a 3,100 square foot property located in Chicago, Illinois for $3.8 million. The Company expensed $0.4 million of costs related to these 2012 Core Portfolio acquisitions. Fund III During February 2012, Fund III, in a joint venture with an unaffiliated partner, acquired a 50% interest in 640 Broadway, a 45,700 square foot property located in New York, New York for $16.3 million. The Company expensed $0.6 million of costs related to this 2012 Fund III acquisition. Discontinued Operations The Company reports properties held-for-sale and properties sold during the periods as discontinued operations. The results of operations of discontinued operations are reflected as a separate component within the accompanying Consolidated Statements of Income for all periods presented. During December 2011, the Company completed the sale of 15 Fund I leasehold interests in its Kroger/Safeway portfolio for $17.5 million. During October 2011, Fund I sold Granville Centre, a 135,000 square foot shopping center, located in Columbus, Ohio, for $2.3 million.
Discontinued Operations (continued) During May 2011, the Company sold the Ledgewood Mall, a 517,000 square foot, unencumbered enclosed mall located in Ledgewood, New Jersey, for $37.0 million. During January 2011, the Company completed the sale of a Fund II leasehold interest in a location at the Oakbrook Center, located in Oak Brook, Illinois, for $8.2 million. The sale resulted in a gain of $3.9 million. The combined results of operations of the properties classified as discontinued operations for the three months ended March 31, 2011 are summarized as follows:
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The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. No definition available.
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INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES
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Mar. 31, 2012
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| Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments in and Advances to Unconsolidated Affiliates | INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES Core Portfolio The Company owns a 22.2% interest in an approximately one million square foot retail portfolio (the “Brandywine Portfolio”) located in Wilmington, Delaware, a 49% interest in a 311,000 square foot shopping center located in White Plains, New York (“Crossroads”), and a 50% interest in an approximately 28,000 square foot retail portfolio located in Georgetown, Washington D.C. (the "Georgetown Portfolio"). These investments are accounted for under the equity method. Opportunity Funds RCP Venture The Company along with Klaff Realty, LP (“Klaff”) and Lubert-Adler Management, Inc. (“Lubert-Adler”) formed an investment group, the RCP Venture, for the purpose of making investments in surplus or underutilized properties owned by retailers. The RCP Venture is neither a single entity nor a specific investment. Any member of this group has the option of participating, or not, in any individual investment and each individual investment has been made on a stand-alone basis through a separate limited liability company (“LLC”). These investments have been made through different investment vehicles with different affiliated and unaffiliated investors and different economics to the Company. Investments under the RCP Venture are structured as separate joint ventures as there may be other investors participating in certain investments in addition to Klaff, Lubert-Adler and Acadia. The Company has made these investments through its subsidiaries, Mervyns I, Mervyns II and Fund II, (together the “Acadia Investors”), all on a non-recourse basis. Through March 31, 2012, the Acadia Investors have made investments in Mervyns Department Stores (“Mervyns”) and Albertsons including additional investments in locations that are separate from these original investments (“Add-
On Investments”). Additionally, they have invested in Shopko, Marsh and Rex Stores Corporation (collectively “Other RCP Investments”). The Acadia Investors have non-controlling interests in the individual investee LLC’s as follows:
The Company accounts for the original investments in Mervyns and Albertsons under the equity method of accounting as the Company has the ability to exercise significant influence, but does not have financial or operating control. The Company accounts for the Add-On Investments and Other RCP Investments under the cost method. Due to its minor ownership interest, based on the size of the investments as well as the terms of the underlying operating agreements, the Company has no influence over such entities' operating and financial policies. Other than the minority investor rights to which the Company is entitled pursuant to statute, it has no rights other than to receive its pro-rata share of cash distributions as declared by the managers of the Add-On Investments and Other RCP Investments. The Company has no rights with respect to the control and operation of these investment vehicles, nor with the formulation and execution of business and investment policies. During the three months ended March 31, 2012, the Company received RCP Venture distributions from Albertsons Add-On investments and Rex Stores totaling $1.0 million of which the Operating Partnership's share totaled $0.2 million. The following table summarizes activity related to the RCP Venture investments from inception through March 31, 2012:
Other Opportunity Fund Investments The unaffiliated venture partners for Fund III's investments in Lincoln Road, White Oak, Parkway Crossing and the White City Shopping Center maintain control over these entities and, as such, the Company accounts for these investments under the equity method. During June 2010, Fund III, in a joint venture with an unaffiliated partner, invested in an entity for the purpose of providing management services to owners of self-storage properties, including the 14 locations currently owned through Fund II and Fund III. Fund III has a 50% interest in the entity. This entity was determined to be a variable interest entity for which the Company was determined not to be the primary beneficiary. As such, the Company accounts for this investment under the equity method. Summary of Investments in Unconsolidated Affiliates The following Combined and Condensed Balance Sheets and Statements of Operations, in each period, summarize the financial information of the Company’s investments in unconsolidated affiliates.
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The entire disclosure for the information required in the supplementary schedule applicable to management investment companies summarizing investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates. It reflects specified information about ownership, financial results from, and financial position in such entities as of the balance sheet date and for the period then ended. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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NOTES RECEIVABLE
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Mar. 31, 2012
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| Mortgage Loans on Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Receivable | NOTES RECEIVABLE As of March 31, 2012, the Company’s notes receivable, net, aggregated $77.2 million, and were collateralized either by the underlying properties or the borrowers' ownership interests in the entities that own the properties and/or by the borrowers' personal guarantee subject, as applicable, to senior liens, as follows:
During March 2012, the Company acquired a 49% interest in a $2.2 million note. The loan matures in February 2017 and is collateralized by a property located in Miami, Florida. The loan bears interest at 6% for years one and two, 7.5% for years three and four, and 8% for year five. During March 2012, the Company made a $3.0 million loan, which is collateralized by a property located in Chicago, Illinois. The loan matures in March 2013 and bears interest at 9.2%. During December 2011, the Company made an $8.5 million loan, which is collateralized by five properties located in Chicago, Illinois. The loan matures in December 2012 and bears interest at 12%. During March 2012, this loan was increased to $21.5 million. Allowances for real estate notes receivable are established based upon management's quarterly review of the investments. In performing this review, management considers the estimated net recoverable value of the loan as well as other factors, including the fair value of any collateral, the amount and status of any senior debt, and the prospects for the borrower. Because this determination is based upon projections of future economic events, which are inherently subjective, the amounts ultimately realized from the loans may differ materially from the carrying value at the balance sheet date. The activity in the allowance for notes receivable for the three months ended March 31, 2012 is as follows:
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The entire disclosure for mortgage loans on real estate, this includes the supplemental information pertaining to each mortgage loan receivable that equals or exceeds three percent of the carrying amount of mortgages. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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DERIVATIVE FINANCIAL INSTRUMENTS
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Mar. 31, 2012
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
| Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS As of March 31, 2012, the Company's derivative financial instruments consisted of five interest rate swaps with an aggregate notional value of $49.3 million, which effectively fix LIBOR at rates ranging from 2.65% to 3.79% and mature between November 2012 and December 2022. The Company also has three derivative financial instruments with a notional value of $75.0 million
which cap variable-rate interest at 3.0%, 6.0% and 3.5% and mature in October 2012, April 2013 and August 2013, respectively. The fair value of these derivative instruments, which is included in other liabilities in the Consolidated Balance Sheets, was a liability totaling $3.0 million and $3.5 million at March 31, 2012 and December 31, 2011, respectively. The notional value does not represent exposure to credit, interest rate, or market risks. These derivative instruments have been designated as cash flow hedges and hedge the future cash outflows of variable-rate interest payments on mortgage debt. Such instruments are reported at the fair value reflected above. As of March 31, 2012 and December 31, 2011, unrealized losses totaling $3.3 million and $3.9 million, respectively, were reflected in accumulated other comprehensive loss. As of March 31, 2012 and December 31, 2011, no derivatives were designated as fair value hedges, hedges of net investments in foreign operations or considered to be ineffective. Additionally, the Company does not use derivatives for trading or speculative purposes. In conjunction with its implementation of updates to the fair value measurements guidance, the Company made an accounting policy election to measure derivative financial instruments subject to master netting agreements on a net basis. |
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The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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MORTGAGES NOTES PAYABLE
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Mar. 31, 2012
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| Mortgage Loans on Real Estate [Abstract] | |
| Mortgage Notes Payable | MORTGAGE NOTES PAYABLE The Company completed the following transactions related to mortgage notes payable and credit facilities during the three months ended March 31, 2012: During the first quarter 2012, the Company repaid $2.5 million under the Fund III subscription line of credit. As of March 31, 2012, the total outstanding amount on this facility was $133.6 million. During March 2012, in conjunction with the acquisition of four properties in Chicago, Illinois (Note 2), the Company assumed loans of $14.5 million and $1.5 million, which bear interest at 5.62% and 5.55%, respectively, and mature on February 1, 2016. During February 2012, in conjunction with the acquisition of a property in Cambridge, Massachusetts (Note 2), the Company assumed a $7.0 million loan which bears interest at 6.26% and matures on May 1, 2016, and has one five-year extension option. During February 2012, the Company closed on a $4.3 million loan collateralized by a property. The loan bears interest at LIBOR plus 200 basis points and matures on February 28, 2013. |
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The entire disclosure for mortgage notes payable. No definition available.
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CONVERTIBLE NOTES PAYABLE
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Mar. 31, 2012
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| Debt Disclosure [Abstract] | |
| Convertible Notes Payable | CONVERTIBLE NOTES PAYABLE In December 2006 and January 2007, the Company issued convertible notes totaling $115.0 million with a fixed interest rate of 3.75% due 2026 (the “Convertible Notes”). The Convertible Notes were issued at par and require interest payments semi-annually in arrears on June 15th and December 15th of each year. The Convertible Notes are unsecured obligations and rank equally with all other unsecured and unsubordinated indebtedness. The Convertible Notes have an effective interest rate of 6.03% after giving effect to the accounting treatment required by ASC Topic 470-20, “Debt with Conversion and Other Options.” Holders of the Convertible Notes may require the Company to repurchase the Convertible Notes at par on December 15, 2016 and December 15, 2021. As the Company determined that the Convertible Notes matured on December 20, 2011, as of December 31, 2011, all loan costs associated with the issuance have been expensed and there is no remaining net carrying amount of the equity component. The additional non-cash interest expense recognized in the Consolidated Statements of Income was $0.3 million for the three months ended March 31, 2011. The if-converted value of the Convertible Notes does not exceed their aggregate principal amount as of March 31, 2012 and there are no derivative transactions that were entered into in connection with the issuance of the Convertible Notes. Through December 31, 2011, the Company had purchased $114.1 million in principal amount of its Convertible Notes at an average discount of approximately 11% of which $24.0 million was repurchased by the Company at par on December 20, 2011 pursuant to the holder's exercise of their repurchase option. The Company did not purchase any of its Convertible Notes during the three months ended March 31, 2012. The outstanding Convertible Notes as of March 31, 2012 was $0.9 million. |
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- Definition
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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FAIR VALUE MEASUREMENTS
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Mar. 31, 2012
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements | FAIR VALUE MEASUREMENTS The FASB's fair value measurements and disclosure guidance requires the valuation of certain of the Company's financial assets and liabilities, based on a three-level fair value hierarchy. Market value assumptions obtained from sources independent of the Company are observable inputs that are classified within Levels 1 and 2 of the hierarchy, and the Company's own assumptions about market value assumptions are unobservable inputs classified within Level 3 of the hierarchy. The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of March 31, 2012:
Financial Instruments Certain of the Company’s assets and liabilities meet the definition of financial instruments. Except as disclosed below, the carrying amounts of these financial instruments approximate their fair values. The Company has determined the estimated fair values of the following financial instruments by discounting future cash flows utilizing a discount rate equivalent to the rate at which similar financial instruments would be originated at the reporting date:
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The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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RELATED PARTY TRANSACTIONS
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Mar. 31, 2012
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| Related Party Transactions [Abstract] | |
| Related Party Transactions | RELATED PARTY TRANSACTIONS The Company earned property management fees, legal and leasing fees from the Brandywine Portfolio totaling $0.2 million and $0.5 million for the three months ended March 31, 2012 and 2011, respectively. Related party receivables due from an unconsolidated affiliate totaled $1.8 million at March 31, 2012 and $1.4 million at December 31, 2011. Lee Wielansky, the Lead Trustee of the Company, was paid a consulting fee of $25,000 for each of the three months ended March 31, 2012 and 2011. |
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The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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SEGMENT REPORTING
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Mar. 31, 2012
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting | SEGMENT REPORTING The Company has five reportable segments: Core Portfolio, Opportunity Funds, Self-Storage Investments, Notes Receivable and Other. “Notes Receivable” consists of the Company's notes receivable and related interest income. “Other” consists primarily of management fees and other interest income. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates property performance primarily based on net operating income before depreciation, amortization and certain nonrecurring items. Investments in the Core Portfolio are typically held long-term. Given the contemplated finite life of the Opportunity Funds, these investments are typically held for shorter terms. Fees earned by the Company as the general partner/managing member of the Opportunity Funds are eliminated in the Company's consolidated financial statements. The following tables set forth certain segment information for the Company, reclassified for discontinued operations, as of and for the three months ended March 31, 2012 and 2011 and does not include unconsolidated affiliates:
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The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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LONG-TERM INCENTIVE COMPENSATION
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Mar. 31, 2012
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||
| Long-Term Incentive Compensation | LONG-TERM INCENTIVE COMPENSATION LONG-TERM INCENTIVE COMPENSATION The Company maintains two share incentive plans, the 2003 Share Incentive Plan and the 2006 Share Incentive Plan (collectively the “Share Incentive Plans”). On March 15, 2012, the Company issued a total of 279,611 LTIP Units and 1,358 Restricted Share Units to officers of the Company and 9,435 Restricted Share Units to other employees of the Company. Vesting with respect to these awards is generally recognized ratably over the five annual anniversaries following the issuance date. Vesting with respect to 17% of the awards issued to officers is also generally subject to achieving certain Company performance measures. These awards were measured at their fair value as if they were vested on the grant date. Fair value was established as the market price of the Company's Common Shares as of the close of trading on the day preceding the grant date. The total value of the above Restricted Share Units and LTIP Units as of the grant date was $6.4 million, of which $2.6 million was recognized in compensation expense during 2011 and $3.8 million will be recognized in compensation expense over the vesting period. Compensation expense of $0.2 million has been recognized in the accompanying financial statements related to these awards for the three months ended March 31, 2012.
Total long-term incentive compensation expense, including the expense related to the above-mentioned plans, was $0.9 million and $0.8 million for the three months ended March 31, 2012 and 2011, respectively . In 2009, the Company adopted the Long Term Investment Alignment Program (the “Program”) pursuant to which the Company may award units primarily to senior executives which would entitle them to receive up to 25% of any future Fund III Promote when and if such Promote is ultimately realized. The Company has awarded units representing 83% of the Program, which were determined to have no value at issuance or as of March 31, 2012. In accordance with ASC Topic 718, “Compensation - Stock Compensation,” compensation relating to these awards will be recorded based on the change in the estimated fair value at each reporting period. |
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The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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SUBSEQUENT EVENTS
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3 Months Ended |
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Mar. 31, 2012
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| Subsequent Events [Abstract] | |
| Subsequent Events | SUBSEQUENT EVENTS During April 2012, the Company acquired 930 Rush Street, a 2,930 square foot single tenant property located in Chicago, IL for $20.7 million. During April 2012, Fund III acquired Lincoln Park Centre, a 62,700 square foot retail property located in Chicago, IL for $31.5 million, including the assumption of debt of $19.8 million. During April 2012, the Company amended an existing $56.5 million construction loan collateralized by a property with a $69.6 million mini-permanent loan. The loan bears interest at LIBOR plus 2.25% and matures on May 1, 2015 with two one-year extension options. Concurrent with this transaction, the Company entered into two interest rate swap agreements with a combined notional value of $69.6 million which fixes LIBOR at 0.70% through May 1, 2015. |
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The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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ORGANIZATION AND BASIS OF PRESENTATION (Policies)
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3 Months Ended |
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Mar. 31, 2012
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Basis of Accounting Policy [Policy Text Block] | Basis of Presentation The consolidated financial statements include the consolidated accounts of the Company and its investments in partnerships and limited liability companies in which the Company is presumed to have control in accordance with the consolidation guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). Investments in entities for which the Company has the ability to exercise significant influence but does not have financial or operating control, are accounted for under the equity method of accounting. Accordingly, the Company's share of the net earnings (or losses) of entities accounted for under the equity method are included in consolidated net income under the caption, Equity in Earnings (Losses) of Unconsolidated Affiliates. Investments in entities for which the Company does not have the ability to exercise any influence are accounted for under the cost method. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. 1. ORGANIZATION AND BASIS OF PRESENTATION (continued) Actual results could differ from these estimates. Operating results for the three months ended March 31, 2012 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2012. The information furnished in the accompanying consolidated financial statements reflects all adjustments that, in the opinion of management, are necessary for a fair presentation of the aforementioned consolidated financial statements for the interim period. These consolidated financial statements should be read in conjunction with the Company's 2011 Annual Report on Form 10-K, as filed with the SEC on February 28, 2012. |
| Real Estate, Policy [Policy Text Block] | Real Estate The Company reviews its operating long-lived assets for impairment when there is an event or change in circumstances that indicates that the carrying amount may not be recoverable. The Company records impairment losses and reduces the carrying value of properties when indicators of impairment are present and the expected undiscounted cash flows related to those properties are less than their carrying amounts. In cases where the Company does not expect to recover its carrying costs on properties held for use, the Company reduces its carrying cost to fair value, and for properties held-for-sale, the Company reduces its carrying value to the fair value less costs to dispose. Management does not believe that the values of any of the Company's properties are impaired as of March 31, 2012. |
| Involuntary Conversion of Asset, Policy [Policy Text Block] | Involuntary Conversion of Asset The Company experienced significant flooding that resulted in extensive damage to one of its properties during September 2011. Costs related to the clean-up and redevelopment are insured to a limit sufficient that the Company believes will allow for full restoration of the property. Loss of rents during the redevelopment are covered by business interruption insurance subject to a $0.1 million deductible. The Company plans to restore the improvements that were damaged by the flooding and expects that the costs of such restoration and rebuilding will be recoverable from insurance proceeds. In accordance with ASC Topic 360 “Property, Plant and Equipment,” and as a result of the above-described property damage, the Company has recorded a write-down of the asset's carrying value in the accompanying consolidated balance sheets of approximately $1.4 million as of March 31, 2012. In addition, the Company has recorded an insurance recovery in the same amount that is included in Prepaid Expenses and Other Assets in the accompanying consolidated balance sheets. The Company has also provided a $0.1 million provision in the 2011 year-end consolidated statement of income of the Company's 2011 Annual Report on Form 10-K, as filed with the SEC for its exposure to the insurance deductible attributable to the loss of rents. As of March 31, 2012, the Company has received initial insurance proceeds of approximately $6.9 million. |
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Involuntary Conversion of Asset [Policy Text Block] No definition available.
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Disclosure of accounting policy for entities that primarily develop and then sell real property at retail or otherwise. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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ORGANIZATION AND BASIS OF PRESENTATION (Tables)
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Mar. 31, 2012
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Noncontrolling Interest In Individual Investee [Table Text Block] | The Operating Partnership has the following equity interests in the Opportunity Funds, Mervyns I and Mervyns II:
The Acadia Investors have non-controlling interests in the individual investee LLC’s as follows:
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- Definition
Schedule of Noncontrolling Interest In Individual Investee [Table Text Block] No definition available.
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- Details
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EARNINGS PER COMMON SHARE (Tables)
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Mar. 31, 2012
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the periods indicated:
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- Definition
Tabular disclosure of an entity's basic and diluted earnings per share calculations. No definition available.
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ACQUISITION AND DISPOSITION OF PROPERTIES AND DISCONTINUED OPERATIONS (Tables)
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Mar. 31, 2012
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| Acquisition and Disposition of Properties and Discontinued Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The combined results of operations of the properties classified as discontinued operations for the three months ended March 31, 2011 are summarized as follows:
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- Definition
Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Tables)
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Mar. 31, 2012
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| Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Noncontrolling Interest In Individual Investee [Table Text Block] | The Operating Partnership has the following equity interests in the Opportunity Funds, Mervyns I and Mervyns II:
The Acadia Investors have non-controlling interests in the individual investee LLC’s as follows:
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| Schedule of Equity Method Investments [Table Text Block] | The following table summarizes activity related to the RCP Venture investments from inception through March 31, 2012:
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| Schedule of Condensed Balance Sheet [Table Text Block] | The following Combined and Condensed Balance Sheets and Statements of Operations, in each period, summarize the financial information of the Company’s investments in unconsolidated affiliates.
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| Schedule of Condensed Income Statement [Table Text Block] |
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Schedule of Condensed Balance Sheet [Table Text Block] No definition available.
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Schedule of Condensed Income Statement [Table Text Block] No definition available.
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Schedule of Noncontrolling Interest In Individual Investee [Table Text Block] No definition available.
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- Definition
Tabular disclosure of equity method investments in common stock. The disclosure may include: (a) the name of each investee or group of investments for which combined disclosure is appropriate, (2) the percentage ownership of common stock, (3) the difference, if any, between the carrying amount of an investment and the value of the underlying equity in the net assets and the accounting treatment of difference, if any, and (4) the aggregate value of each identified investment based on its quoted market price, if available. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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NOTES RECEIVABLE (Tables)
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Mar. 31, 2012
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| Mortgage Loans on Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, 2012, the Company’s notes receivable, net, aggregated $77.2 million, and were collateralized either by the underlying properties or the borrowers' ownership interests in the entities that own the properties and/or by the borrowers' personal guarantee subject, as applicable, to senior liens, as follows:
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| Allowance for Credit Losses on Financing Receivables [Table Text Block] | The activity in the allowance for notes receivable for the three months ended March 31, 2012 is as follows:
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- Definition
Tabular disclosure of financing receivables (examples of financing receivables include loans, trade accounts receivable and notes receivable) and activity in the allowance for credit losses account. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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FAIR VALUE MEASUREMENTS (Tables)
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3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2012
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of March 31, 2012:
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| Fair Value, by Balance Sheet Grouping [Table Text Block] | The Company has determined the estimated fair values of the following financial instruments by discounting future cash flows utilizing a discount rate equivalent to the rate at which similar financial instruments would be originated at the reporting date:
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Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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SEGMENT REPORTING (Tables)
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Mar. 31, 2012
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Certain Segment Information from Segments to Consolidated [Table Text Block] | The following tables set forth certain segment information for the Company, reclassified for discontinued operations, as of and for the three months ended March 31, 2012 and 2011 and does not include unconsolidated affiliates:
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Reconciliation of Certain Segment Information from Segments to Consolidated [Table Text Block] No definition available.
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Business Interruption Insurance Deductible No definition available.
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Properties Owned, Percentage No definition available.
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Provision for Insurance Deductible Attributable to Loss of Rents No definition available.
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Writedown of Asset Carrying Value Resulting From Property Damage No definition available.
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The number of units or percentage investment held by the managing member or general partner of the LLC or LP. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The number of real estate properties owned as of the balance sheet date. No definition available.
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The cash inflow from the amounts received by the insured under the terms of an insurance contract settlement. This element pertains only to insurance proceeds related to investments, for example fixed assets. It excludes insurance settlements classified as operating cash flows. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Incremental Common Shares Attributable to Conversion of Preferred Partnership Units No definition available.
|
| X | ||||||||||
|
- Definition
Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of adjustments to net income (loss) resulting from the assumption that dilutive convertible securities were converted. This amount excludes adjustments related to ESOP convertible preferred stock, stock options, and restrictive stock units. No definition available.
|
| X | ||||||||||
|
- Definition
This element represents the income or loss from continuing operations attributable to the parent which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of share based payment arrangements using the treasury stock method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of limited partner units outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The earnings that is allocated to common stock and participating securities to the extent that each security may share in earnings as if all of the earnings for the period had been distributed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Earnings allocated (not distributed) to participating securities under the two-class method to the extent that participating securities may share in earnings as if all of the earnings for the period had been distributed. No definition available.
|
| X | ||||||||||
|
- Definition
The earnings that is allocated to common stock and participating securities to the extent that each security may share in earnings as if all of the earnings for the period had been distributed. Includes the adjustments resulting from the assumption that dilutive securities were converted, options or warrants were exercised, or that other shares were issued upon the satisfaction of certain conditions. No definition available.
|
| X | ||||||||||
|
- Definition
The sum of dilutive potential common shares or units used in the calculation of the diluted per-share or per-unit computation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the weighted average total number of shares issued throughout the period including the first (beginning balance outstanding) and last (ending balance outstanding) day of the period before considering any reductions (for instance, shares held in treasury) to arrive at the weighted average number of shares outstanding. Weighted average relates to the portion of time within a reporting period that common shares have been issued and outstanding to the total time in that period. Such concept is used in determining the weighted average number of shares outstanding for purposes of calculating earnings per share (basic). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS (Details) (USD $)
|
3 Months Ended | 1 Months Ended | 3 Months Ended | 3 Months Ended | 1 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Mar. 31, 2012
|
Mar. 31, 2011
|
Mar. 31, 2012
At The Market Equity Program [Member]
|
Mar. 31, 2012
At The Market Equity Program [Member]
|
Mar. 31, 2012
Operating Partnership, as General Partner or Managing Member [Member]
|
Dec. 31, 2011
Operating Partnership, as General Partner or Managing Member [Member]
|
Mar. 31, 2012
Series A Preferred Stock [Member]
Operating Partnership, as General Partner or Managing Member [Member]
|
Dec. 31, 2011
Series A Preferred Stock [Member]
Operating Partnership, as General Partner or Managing Member [Member]
|
Mar. 31, 2012
Common Stock [Member]
At The Market Equity Program [Member]
|
Mar. 31, 2012
LTIP Units [Member]
|
Dec. 31, 2011
LTIP Units [Member]
|
Jan. 31, 2012
Maximum [Member]
Common Stock [Member]
|
Apr. 30, 2012
Issuance of Stock Cash Proceeds Received [Member]
At The Market Equity Program [Member]
|
|
| Noncontrolling Interest [Line Items] | |||||||||||||
| Common Stock, Reserved for Future Issuance, Value, At The Market Equity Program | $ 75,000,000 | ||||||||||||
| Stock Issued During Period, Shares, New Issues (in shares) | 800,000 | ||||||||||||
| Gross Proceeds from Issuance of Common Stock | 18,200,000 | ||||||||||||
| Proceeds from Issuance of Common Stock | $ 8,029,000 | $ 0 | $ 8,200,000 | $ 17,900,000 | $ 9,700,000 | ||||||||
| Limited Partners' Capital Account, Units Outstanding (in shares) | 384,991 | 279,748 | 188 | 188 | |||||||||
| Share-based Compensation, Units Outstanding (in shares) | 237,000 | 217,826 | |||||||||||
| X | ||||||||||
|
- Definition
Common Stock, Reserved for Future Issuance, Value, At The Market Equity Program No definition available.
|
| X | ||||||||||
|
- Definition
Gross Proceeds from Issuance of Common Stock No definition available.
|
| X | ||||||||||
|
- Definition
Share-based Compensation, Units Outstanding No definition available.
|
| X | ||||||||||
|
- Definition
The number of limited partner units outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The cash inflow from the additional capital contribution to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of new stock issued during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
ACQUISITION AND DISPOSITION OF PROPERTIES AND DISCONTINUED OPERATIONS Acquisitions (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | ||||
|---|---|---|---|---|---|---|---|---|
|
Mar. 31, 2012
Core Portfolio [Member]
|
Jan. 31, 2012
1520 North Milwaukee Avenue [Member]
Chicago Illinois [Member]
Core Portfolio [Member]
sqft
|
Feb. 29, 2012
Single Tenant Property [Member]
Cambridge Massachusetts [Member]
Core Portfolio [Member]
sqft
|
Feb. 29, 2012
Second Single Tenant Property [Member]
Cambridge Massachusetts [Member]
Core Portfolio [Member]
sqft
|
Mar. 31, 2012
Four Property Portfolio [Member]
Chicago Illinois [Member]
Core Portfolio [Member]
|
Mar. 31, 2012
Fund III [Member]
|
Mar. 31, 2012
Fund III [Member]
Opportunity Funds [Member]
|
Feb. 29, 2012
Fund III [Member]
640 Broadway [Member]
New York New York [Member]
Opportunity Funds [Member]
sqft
|
|
| Business Acquisition [Line Items] | ||||||||
| Business Acquisition, Cost of Acquired Entity, Purchase Price | $ 3.8 | $ 12.2 | $ 6.7 | $ 18.8 | $ 16.3 | |||
| In-Place Mortgage Debt Assumption | 7.0 | 16.0 | ||||||
| Square Footage of Real Estate Property (in square feet) | 3,100 | 40,000 | 13,300 | 45,700 | ||||
| Business Combination, Acquisition Related Costs | $ 0.4 | $ 0.6 | ||||||
| Ownership Interest By General Partner or Managing Partner | 19.90% | 50.00% | ||||||
| X | ||||||||||
|
- Definition
The total cost of the acquired entity including the cash paid to shareholders of acquired entities, fair value of debt and equity securities issued to shareholders of acquired entities, the fair value of the liabilities assumed, and direct costs of the acquisition. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
This element represents acquisition-related costs incurred to effect a business combination which costs have been expensed during the period. Such costs include finder's fees; advisory, legal, accounting, valuation, and other professional or consulting fees; general administrative costs, including the costs of maintaining an internal acquisitions department; and may include costs of registering and issuing debt and equity securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of units or percentage investment held by the managing member or general partner of the LLC or LP. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of debt that an Entity assumes in acquiring a business or in consideration for an asset received in a noncash (or part noncash) acquisition. Noncash is defined as transactions during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of square footage related to a real estate property. No definition available.
|
|
ACQUISITION AND DISPOSITION OF PROPERTIES AND DISCONTINUED OPERATIONS Discontinued Operations (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 1 Months Ended | ||||
|---|---|---|---|---|---|---|
|
Mar. 31, 2012
|
Mar. 31, 2011
|
Dec. 31, 2011
Fifteen Kroger/Safeway Locations [Member]
leasehold_interests
|
Oct. 31, 2011
Columbus Ohio [Member]
Granville Centre [Member]
sqft
|
May 31, 2011
Ledgewood New Jersey [Member]
Ledgewood Mall [Member]
sqft
|
Jan. 31, 2011
Oak Brook Illinois [Member]
Oakbrook Center [Member]
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
| Number of Leasehold Interests Sold (in leasehold interests) | 15 | |||||
| Sales Price | $ 0 | $ 7,977 | $ 17,500 | $ 2,300 | $ 37,000 | $ 8,200 |
| Gain (Loss) | $ 0 | $ 3,922 | $ 3,900 | |||
| Square Footage of Real Estate Property (in square feet) | 135,000 | 517,000 | ||||
| X | ||||||||||
|
- Definition
Number of Leasehold Interests Sold No definition available.
|
| X | ||||||||||
|
- Definition
Gain (loss) after tax expense or benefit, not previously recognized and resulting from the sale of a business component, which is recognized at the date of sale. A gain (loss) reflects the amount by which the consideration received exceeds (is exceeded by) the net carrying amount (reflecting previous provisions for loss on disposal, if any) of the disposal group. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Cash received from the sale of real estate that is held for investment, that is, it is part of an investing activity during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of square footage related to a real estate property. No definition available.
|
|
ACQUISITION AND DISPOSITION OF PROPERTIES AND DISCONTINUED OPERATIONS Discontinued Operations Results of Operations (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
|---|---|---|
|
Mar. 31, 2012
|
Mar. 31, 2011
|
|
| STATEMENTS OF OPERATIONS | ||
| Total revenues | $ 2,404 | |
| Total expenses | 1,582 | |
| Operating Income | 0 | 822 |
| Gain on sale of property | 0 | 3,922 |
| Income from discontinued operations | 0 | 4,744 |
| (Income) from discontinued operations, attributable to noncontrolling interests | 0 | (3,506) |
| Income from discontinued operations, attributable to Common Shareholders | $ 1,238 | |
| X | ||||||||||
|
- Definition
Gain (loss) after tax expense or benefit, not previously recognized and resulting from the sale of a business component, which is recognized at the date of sale. A gain (loss) reflects the amount by which the consideration received exceeds (is exceeded by) the net carrying amount (reflecting previous provisions for loss on disposal, if any) of the disposal group. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
After tax income (loss) from operations of a business component (exclusive of any gain (loss) on disposal, or provision therefore) during the reporting period, until its disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of operating expenses attributable to the disposal group, including a component of the entity (discontinued operation), during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of sales or other form of revenues attributable to the disposal group, including a component of the entity (discontinued operation), during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
This element represents the overall income (loss) from a disposal group that is classified as a component of the entity, net of income tax, reported as a separate component of income before extraordinary items before deduction or consideration of the amount which may be allocable to noncontrolling interests, if any. Includes the following (net of tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the overall income (loss) from a disposal group that is classified as a component of the entity, net of income tax, reported as a separate component of income before extraordinary items, which is apportioned to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This item includes the following (net of tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the overall income (loss) from a disposal group apportioned to the parent that is classified as a component of the entity, net of income tax, reported as a separate component of income before extraordinary items after deduction or consideration of the amount which may be allocable to noncontrolling interests, if any. Includes the following (net of tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Details) (USD $)
|
3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Mar. 31, 2012
|
Mar. 31, 2011
|
Dec. 31, 2011
|
Mar. 31, 2012
Unconsolidated Affiliates [Member]
|
Mar. 31, 2011
Unconsolidated Affiliates [Member]
|
Dec. 31, 2011
Unconsolidated Affiliates [Member]
|
Mar. 31, 2012
Operating Partnership, as General Partner or Managing Member [Member]
|
Mar. 31, 2011
Operating Partnership, as General Partner or Managing Member [Member]
|
Mar. 31, 2012
KLA/Mervyns LLC Add-On Investments [Member]
|
Mar. 31, 2012
KLA A Markets LLC Add-On Investments [Member]
|
Mar. 31, 2012
KA-Shopko LLC [Member]
|
Mar. 31, 2012
Marsh and Add-On Investments [Member]
|
Mar. 31, 2012
KLAC Rex Venture LLC [Member]
|
Mar. 31, 2012
KLA/Mervyns LLC [Member]
|
Mar. 31, 2012
KLA A Markets LLC [Member]
|
Mar. 31, 2012
Mervyns I and Mervyns II [Member]
KLA/Mervyns LLC Add-On Investments [Member]
|
Mar. 31, 2012
Mervyns I and Mervyns II [Member]
KLA/Mervyns LLC [Member]
|
Mar. 31, 2012
Mervyns II [Member]
KLA A Markets LLC Add-On Investments [Member]
|
Mar. 31, 2012
Mervyns II [Member]
KLAC Rex Venture LLC [Member]
|
Mar. 31, 2012
Mervyns II [Member]
KLA A Markets LLC [Member]
|
Mar. 31, 2012
Fund II [Member]
KA-Shopko LLC [Member]
|
Mar. 31, 2012
Fund II [Member]
Marsh and Add-On Investments [Member]
|
Mar. 31, 2012
Core Portfolio [Member]
|
Mar. 31, 2011
Core Portfolio [Member]
|
Mar. 31, 2012
Core Portfolio [Member]
Brandywine Portfolio [Member]
sqft
|
Mar. 31, 2012
Core Portfolio [Member]
Crossroads [Member]
sqft
|
Mar. 31, 2012
Core Portfolio [Member]
Georgetown Portfolio [Member]
sqft
|
Mar. 31, 2012
Opportunity Funds [Member]
|
Mar. 31, 2011
Opportunity Funds [Member]
|
Mar. 31, 2012
Opportunity Funds [Member]
RCP Venture [Member]
|
Mar. 31, 2012
Opportunity Funds [Member]
RCP Venture [Member]
Operating Partnership, as General Partner or Managing Member [Member]
|
Mar. 31, 2012
Opportunity Funds [Member]
Mervyns I and Mervyns II [Member]
KLA/Mervyns LLC Add-On Investments [Member]
|
Mar. 31, 2012
Opportunity Funds [Member]
Mervyns I and Mervyns II [Member]
KLA/Mervyns LLC Add-On Investments [Member]
Operating Partnership, as General Partner or Managing Member [Member]
|
Mar. 31, 2012
Opportunity Funds [Member]
Mervyns I and Mervyns II [Member]
KLA/Mervyns LLC [Member]
|
Mar. 31, 2012
Opportunity Funds [Member]
Mervyns I and Mervyns II [Member]
KLA/Mervyns LLC [Member]
Operating Partnership, as General Partner or Managing Member [Member]
|
Mar. 31, 2012
Opportunity Funds [Member]
Mervyns II [Member]
KLA A Markets LLC Add-On Investments [Member]
|
Mar. 31, 2012
Opportunity Funds [Member]
Mervyns II [Member]
KLA A Markets LLC Add-On Investments [Member]
Operating Partnership, as General Partner or Managing Member [Member]
|
Mar. 31, 2012
Opportunity Funds [Member]
Mervyns II [Member]
KLAC Rex Venture LLC [Member]
|
Mar. 31, 2012
Opportunity Funds [Member]
Mervyns II [Member]
KLAC Rex Venture LLC [Member]
Operating Partnership, as General Partner or Managing Member [Member]
|
Mar. 31, 2012
Opportunity Funds [Member]
Mervyns II [Member]
KLA A Markets LLC [Member]
|
Mar. 31, 2012
Opportunity Funds [Member]
Mervyns II [Member]
KLA A Markets LLC [Member]
Operating Partnership, as General Partner or Managing Member [Member]
|
Mar. 31, 2012
Opportunity Funds [Member]
Fund II [Member]
KA-Shopko LLC [Member]
|
Mar. 31, 2012
Opportunity Funds [Member]
Fund II [Member]
KA-Shopko LLC [Member]
Operating Partnership, as General Partner or Managing Member [Member]
|
Mar. 31, 2012
Opportunity Funds [Member]
Fund II [Member]
Marsh and Add-On Investments [Member]
|
Mar. 31, 2012
Opportunity Funds [Member]
Fund II [Member]
Marsh and Add-On Investments [Member]
Operating Partnership, as General Partner or Managing Member [Member]
|
Jun. 30, 2011
Opportunity Funds [Member]
Fund III [Member]
locations
|
Jun. 30, 2010
Opportunity Funds [Member]
Fund III [Member]
|
|
| Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
| Equity Method Investment, Ownership Percentage | 22.20% | 49.00% | 50.00% | 50.00% | |||||||||||||||||||||||||||||||||||||||||||
| Square Footage of Real Estate Property (in square feet) | 1,000,000 | 311,000 | 28,000 | ||||||||||||||||||||||||||||||||||||||||||||
| Noncontrolling Interest, Ownership Percentage by Parent | 10.50% | 20.00% | 20.00% | 20.00% | 13.30% | 10.50% | 18.90% | 5.80% | 5.80% | 6.00% | 13.30% | 5.70% | 2.00% | 3.30% | |||||||||||||||||||||||||||||||||
| Equity Method Investment and Investment Income, Dividends or Distributions | $ 1,000,000 | $ 200,000 | |||||||||||||||||||||||||||||||||||||||||||||
| Equity Method Investments | 26,058,000 | 4,901,000 | 20,717,000 | 4,239,000 | |||||||||||||||||||||||||||||||||||||||||||
| Equity Method Investment, Dividends or Distributions | 45,966,000 | 11,251,000 | 81,594,000 | 16,318,000 | |||||||||||||||||||||||||||||||||||||||||||
| Cost Method Investments | 6,517,000 | 1,046,000 | 2,416,000 | 388,000 | 2,701,000 | 535,000 | 1,108,000 | 222,000 | 2,667,000 | 533,000 | |||||||||||||||||||||||||||||||||||||
| Investment Income, Dividend | 138,940,000 | 29,953,000 | 3,558,000 | 819,000 | 2,461,000 | 492,000 | 1,063,000 | 213,000 | 1,659,000 | 332,000 | 2,639,000 | 528,000 | |||||||||||||||||||||||||||||||||||
| Number of Locations Owned (in locations) | 14 | ||||||||||||||||||||||||||||||||||||||||||||||
| Combined and Condensed Balance Sheets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||
| Rental property, net | 280,227,000 | 280,470,000 | |||||||||||||||||||||||||||||||||||||||||||||
| Investments in and advances to unconsolidated affiliates | 85,099,000 | 84,568,000 | 133,514,000 | 156,421,000 | 62,184,000 | 11,864,000 | |||||||||||||||||||||||||||||||||||||||||
| Other assets | 30,932,000 | 29,587,000 | |||||||||||||||||||||||||||||||||||||||||||||
| Total assets | 1,726,736,000 | 1,531,741,000 | 1,653,319,000 | 444,673,000 | 466,478,000 | 661,545,000 | 561,728,000 | 936,787,000 | 790,439,000 | ||||||||||||||||||||||||||||||||||||||
| Mortgage notes payable | 318,757,000 | 319,425,000 | |||||||||||||||||||||||||||||||||||||||||||||
| Other liabilities | 20,929,000 | 20,437,000 | 17,133,000 | 16,902,000 | |||||||||||||||||||||||||||||||||||||||||||
| Partners' equity | 108,783,000 | 130,151,000 | |||||||||||||||||||||||||||||||||||||||||||||
| Total liabilities and equity | 1,726,736,000 | 1,653,319,000 | 444,673,000 | 466,478,000 | |||||||||||||||||||||||||||||||||||||||||||
| Company's share of distributions in excess of share of income and investments in unconsolidated affiliates | (21,863,000) | (21,710,000) | |||||||||||||||||||||||||||||||||||||||||||||
| Combined and Condensed Statements of Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||
| Total revenues | 39,626,000 | 37,447,000 | 12,296,000 | 9,582,000 | 15,276,000 | 14,432,000 | 15,767,000 | 12,526,000 | |||||||||||||||||||||||||||||||||||||||
| Operating and other expenses | 27,972,000 | 24,883,000 | 4,454,000 | 3,766,000 | |||||||||||||||||||||||||||||||||||||||||||
| Interest expense | 4,638,000 | 4,016,000 | |||||||||||||||||||||||||||||||||||||||||||||
| Equity in (losses) earnings of unconsolidated affiliates | (56,000) | (148,000) | (1,623,000) | 958,000 | (56,000) | (148,000) | |||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 9,141,000 | 7,634,000 | 2,272,000 | 1,869,000 | (3,747,000) | (3,258,000) | (4,504,000) | (3,536,000) | |||||||||||||||||||||||||||||||||||||||
| Income from continuing operations | 2,823,000 | 4,908,000 | (691,000) | 889,000 | |||||||||||||||||||||||||||||||||||||||||||
| Company's share of net income (loss) | 42,000 | (50,000) | |||||||||||||||||||||||||||||||||||||||||||||
| Amortization of excess investment | $ (98,000) | $ (98,000) | |||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Definition
Amortization of Excess Investment No definition available.
|
| X | ||||||||||
|
- Definition
Carrying amount as of the balance sheet date of distribution in excess of income from, and investments in, unconsolidated affiliates. No definition available.
|
| X | ||||||||||
|
- Definition
Equity Method Investment and Investment Income, Dividends or Distributions No definition available.
|
| X | ||||||||||
|
- Definition
Number of Locations Owned No definition available.
|
| X | ||||||||||
|
- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the aggregate carrying amount of all cost-method investments as reported on or included in the balance sheet. The original cost of the investments may differ from the aggregate carrying amount disclosed due to various adjustments such as: (i) dividends received in excess of earnings after the date of investment that are considered a return of investment and therefore recorded as reductions to cost of the investment, or (ii) a series of operating losses of an investee or other factors which may indicate that a decrease in value of the investment has occurred which is other than temporary and accordingly such decrease in value has been recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents disclosure of the amount of dividends or other distributions received from unconsolidated subsidiaries, certain corporate joint ventures, and certain noncontrolled corporation; these investments are accounted for under the equity method of accounting. This element excludes distributions that constitute a return of investment, which are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of gross profit (loss) reported by an equity method investment of the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Income derived from investments in equity securities representing a distribution of earnings to shareholders by the investee companies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total investments in (A) an entity in which the entity has significant influence, but does not have control, (B) subsidiaries that are not required to be consolidated and are accounted for using the equity and or cost method, and (C) an entity in which the reporting entity shares control of the entity with another party or group. Includes long-term advances receivable from a party that is affiliated with the reporting entity by means of direct or indirect ownership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Including the current and noncurrent portions, carrying value as of the balance sheet date of loans from a bank with maturities initially due after one year or beyond the normal operating cycle if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The parent entity's interest in net assets of the subsidiary, expressed as a percentage. No definition available.
|
| X | ||||||||||
|
- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
|
| X | ||||||||||
|
- Definition
The aggregate carrying amounts, as of the balance sheet date, of assets not separately disclosed in the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate carrying amount, as of the balance sheet date, of liabilities not separately disclosed in the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of ownership interest of different classes of partners in limited partnership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate revenue from real estate operations during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amount of income producing properties held for rental. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of square footage related to a real estate property. No definition available.
|
| X | ||||||||||
|
- Details
|
|
NOTES RECEIVABLE Schedule of Notes Receivable (Details) (USD $)
|
3 Months Ended | 3 Months Ended | 1 Months Ended | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Mar. 31, 2012
|
Mar. 31, 2012
Zero Coupon Loan [Member]
|
Mar. 31, 2012
Mezzanine Loan Due 2013 [Member]
|
Mar. 31, 2012
Mezzanine Loan Due With Capital Event [Member]
|
Mar. 31, 2012
First Mortgage Loan Due 2012 [Member]
|
Mar. 31, 2012
First Mortgage Loan Due 2013 [Member]
|
Mar. 31, 2012
First Mortgage Loan Due on Demand [Member]
|
Mar. 31, 2012
First Mortgage Loan Due on Demand Second [Member]
|
Mar. 31, 2012
First Mortgage Loan Due 2012 Second [Member]
extension_options
|
Mar. 31, 2012
Construction Loans [Member]
|
Mar. 31, 2012
Individually Less Than 3% [Member]
|
Mar. 31, 2012
Individually Less Than 3% [Member]
Minimum [Member]
|
Mar. 31, 2012
Individually Less Than 3% [Member]
Maximum [Member]
|
Mar. 31, 2012
Miami Florida [Member]
First Mortgage Loan, Secured By Property [Member]
|
Mar. 31, 2012
Chicago Illinois [Member]
First Mortgage Loan, Secured By Property [Member]
properties
|
Dec. 31, 2011
Chicago Illinois [Member]
First Mortgage Loan, Secured By Property [Member]
properties
|
Mar. 31, 2012
1685 Jefferson Avenue [Member]
Miami Florida [Member]
First Mortgage Loan, Secured By Property [Member]
properties
|
|
| Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||
| Effective interest rate | 24.00% | 10.00% | 15.00% | 12.00% | 9.20% | 10.80% | 7.00% | 6.00% | 20.50% | 6.00% | 12.00% | ||||||
| Prior liens | $ 166,200,000 | $ 85,835,000 | $ 11,925,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 37,623,000 | |||||||
| Carrying amount of mortgages | 77,180,000 | 3,662,000 | 9,089,000 | 3,834,000 | 21,500,000 | 3,000,000 | 10,000,000 | 4,000,000 | 12,609,000 | 5,400,000 | 4,086,000 | ||||||
| Number of extension options (in extension options) | 2 | ||||||||||||||||
| Period of extension options (in months) | 6 months | ||||||||||||||||
| Period of extension options, second period (in months) | 6 months | ||||||||||||||||
| Interest Acquired In Mortgage Loan on Real Estate, Percentage | 49.00% | ||||||||||||||||
| Face amount of mortgages | 2,200,000 | 3,000,000 | 8,500,000 | ||||||||||||||
| Mortgage Loans on Real Estate, Interest Rate, Years One and Two | 6.00% | ||||||||||||||||
| Mortgage Loans on Real Estate, Interest Rate, Years Three and Four | 7.50% | ||||||||||||||||
| Mortgage Loans on Real Estate, Interest Rate, Year Five | 8.00% | ||||||||||||||||
| Mortgage Loans on Real Estate, Interest Rate | 9.20% | 12.00% | |||||||||||||||
| Number of Properties Collateralized (in properties) | 1 | 5 | 1 | ||||||||||||||
| Mortgage Loans on Real Estate, Face Amount of Mortgages, Increased Amount | $ 21,500,000 | ||||||||||||||||
| X | ||||||||||
|
- Definition
Interest Acquired In Mortgage Loan on Real Estate, Percentage No definition available.
|
| X | ||||||||||
|
- Definition
Mortgage Loans on Real Estate, Effective Interest Rate No definition available.
|
| X | ||||||||||
|
- Definition
Mortgage Loans on Real Estate, Face Amount of Mortgages, Increased Amount No definition available.
|
| X | ||||||||||
|
- Definition
Mortgage Loans on Real Estate, Interest Rate, Year Five No definition available.
|
| X | ||||||||||
|
- Definition
Mortgage Loans on Real Estate, Interest Rate, Years One and Two No definition available.
|
| X | ||||||||||
|
- Definition
Mortgage Loans on Real Estate, Interest Rate, Years Three and Four No definition available.
|
| X | ||||||||||
|
- Definition
Mortgage Loans on Real Estate, Number of Extension Options No definition available.
|
| X | ||||||||||
|
- Definition
Mortgage Loans on Real Estate, Period of Extension Options No definition available.
|
| X | ||||||||||
|
- Definition
Mortgage Loans on Real Estate, Second Period of Extension Options No definition available.
|
| X | ||||||||||
|
- Definition
Number of Properties Collateralized No definition available.
|
| X | ||||||||||
|
- Definition
The carrying amount of the outstanding balance due under the mortgage loan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of the contractual principal due at the origination of the mortgage loan (face amount). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The stated interest rate on the mortgage loan receivable or the weighted average interest rate on a group of loans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of any prior liens on the real estate that secures the mortgage loan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
NOTES RECEIVABLE Schedule of Allowance for Notes Receivable (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended |
|---|---|
|
Mar. 31, 2012
|
|
| Financing Receivable, Allowance for Credit Losses [Roll Forward] | |
| Balance at beginning of period | $ 3,276 |
| Provision for losses on notes receivable | 29 |
| Balance at end of period | $ 3,305 |
| X | ||||||||||
|
- Definition
For an unclassified balance sheet, the valuation allowance relating to a written agreement to receive money (at a specified future date(s), consisting of principal as well as any accrued interest) for the portion that is expected to be uncollectible. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Reduction to the allowance for credit losses related to financing receivables deemed uncollectible. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
DERIVATIVE FINANCIAL INSTRUMENTS (Details) (USD $)
|
Mar. 31, 2012
|
Dec. 31, 2011
|
|---|---|---|
| Derivatives, Fair Value [Line Items] | ||
| Accumulated other comprehensive income - unrealized loss on valuation of swap agreements | $ 3,300,000 | $ 3,900,000 |
|
Cash Flow Hedging [Member] | Fixed-Rate Derivatives, Maturing between November 2012 and December 2022 [Member] | Interest Rate Swap [Member]
|
||
| Derivatives, Fair Value [Line Items] | ||
| Number of interest rate swaps (in interest rate swaps) | 5 | |
| Notional Amount of Interest Rate Cash Flow Hedge Derivatives | 49,300,000 | |
|
Cash Flow Hedging [Member] | Variable-Rate Derivatives [Member] | Interest Rate Swap [Member]
|
||
| Derivatives, Fair Value [Line Items] | ||
| Notional Amount of Interest Rate Cash Flow Hedge Derivatives | 75,000,000 | |
| Derivative, Number of Instruments Held | 3 | |
|
Cash Flow Hedging [Member] | Variable-Rate Derivatives, Maturing in October 2012 [Member]
|
||
| Derivatives, Fair Value [Line Items] | ||
| Derivative, Cap Interest Rate | 3.00% | |
|
Cash Flow Hedging [Member] | Variable-Rate Derivatives, Maturing in April 2013 [Member]
|
||
| Derivatives, Fair Value [Line Items] | ||
| Derivative, Cap Interest Rate | 6.00% | |
|
Cash Flow Hedging [Member] | Variable-Rate Derivatives, Maturing in August 2013 [Member]
|
||
| Derivatives, Fair Value [Line Items] | ||
| Derivative, Cap Interest Rate | 3.50% | |
|
Minimum [Member] | Cash Flow Hedging [Member] | Fixed-Rate Derivatives, Maturing between November 2012 and December 2022 [Member] | Interest Rate Swap [Member]
|
||
| Derivatives, Fair Value [Line Items] | ||
| Derivative, Fixed Interest Rate | 2.65% | |
|
Maximum [Member] | Cash Flow Hedging [Member] | Fixed-Rate Derivatives, Maturing between November 2012 and December 2022 [Member] | Interest Rate Swap [Member]
|
||
| Derivatives, Fair Value [Line Items] | ||
| Derivative, Fixed Interest Rate | 3.79% | |
|
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
|
||
| Derivatives, Fair Value [Line Items] | ||
| Derivative financial instruments | $ 2,951,000 | $ 3,500,000 |
| X | ||||||||||
|
- Definition
Accumulated change, net of tax, in accumulated gains and losses from derivative instruments designated and qualifying as the effective portion of cash flow hedges. Includes an entity's share of an equity investee's Increase or Decrease in deferred hedging gains or losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Cap rate on an interest rate derivative such as an interest rate cap or collar. If market rates exceed the cap rate, a payment or receipt is triggered on the contract. No definition available.
|
| X | ||||||||||
|
- Definition
Derivative instrument obligations meeting the definition of a liability which the Company is a party to as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fixed interest rate related to the interest rate derivative. No definition available.
|
| X | ||||||||||
|
- Definition
The number of derivative instruments of a particular group held by the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Aggregate notional amount of all interest rate derivatives designated as hedging instruments in cash flow hedges. Notional amount refers to the monetary amount specified in the interest rate derivative contract. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of interest rate derivative instruments held by the entity at the reporting date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
MORTGAGES NOTES PAYABLE (Details) (USD $)
|
1 Months Ended | 3 Months Ended | 1 Months Ended | |||||
|---|---|---|---|---|---|---|---|---|
|
Mar. 31, 2012
|
Dec. 31, 2011
|
Feb. 29, 2012
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
|
Mar. 31, 2012
Variable Interest Rate [Member]
Fund III revolving subscription line of credit [Member]
Secured Credit Facilities - Variable-Rate [Member]
|
Mar. 31, 2012
Chicago Illinois [Member]
Four Property Portfolio [Member]
properties
|
Mar. 31, 2012
Chicago Illinois [Member]
Four Property Portfolio [Member]
5.62% Mortage Note [Member]
|
Mar. 31, 2012
Chicago Illinois [Member]
Four Property Portfolio [Member]
5.55% Mortage Note [Member]
|
Feb. 29, 2012
Cambridge Massachusetts [Member]
Single Tenant Property [Member]
6.26% Mortage Note [Member]
extension_options
|
|
| Debt Instrument [Line Items] | ||||||||
| Line of credit facility, repayments | $ 2,500,000 | |||||||
| Mortgages payable | 811,700,000 | 787,910,000 | 4,300,000 | 133,600,000 | ||||
| Number of Properties Collateralized (in properties) | 4 | |||||||
| Noncash or Part Noncash Acquisition, Debt Assumed, First Loan | 14,500,000 | |||||||
| Business Acquisition, Debt Assumption Second Loan | 1,500,000 | |||||||
| Interest rate | 5.62% | 5.55% | 6.26% | |||||
| Business Acquisition, Debt Assumption | $ 7,000,000 | |||||||
| Number of loan extensions (in extension options) | 1 | |||||||
| Length of loan extension option | 5 years | |||||||
| LIBOR | LIBOR | |||||||
| Basis Spread | 2.00% | |||||||
| X | ||||||||||
|
- Definition
Length of Loan Extension No definition available.
|
| X | ||||||||||
|
- Definition
Noncash or Part Noncash Acquisition, Debt Assumed, First Loan No definition available.
|
| X | ||||||||||
|
- Definition
Noncash or Part Noncash Acquisition, Debt Assumed, Second Loan No definition available.
|
| X | ||||||||||
|
- Definition
Number of Loan Extensions No definition available.
|
| X | ||||||||||
|
- Definition
Number of Properties Collateralized No definition available.
|
| X | ||||||||||
|
- Definition
The percentage points added to the reference rate to compute the variable rate on the debt instrument. No definition available.
|
| X | ||||||||||
|
- Definition
The reference rate for the variable rate of the debt instrument, such as LIBOR or the US Treasury rate and the maturity of the reference rate used, such as three months or six months LIBOR. No definition available.
|
| X | ||||||||||
|
- Definition
Interest rate stated in the contractual debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Decrease for amounts repaid on the credit facility for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Including current and noncurrent portions, aggregate carrying amount of long-term borrowings as of the balance sheet date. May include notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, which had initial maturities beyond one year or beyond the normal operating cycle, if longer, and after deducting unamortized discount or premiums, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of debt that an Entity assumes in acquiring a business or in consideration for an asset received in a noncash (or part noncash) acquisition. Noncash is defined as transactions during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
CONVERTIBLE NOTES PAYABLE (Details) (USD $)
|
3 Months Ended | 3 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|---|
|
Mar. 31, 2011
|
Mar. 31, 2012
|
Dec. 31, 2011
|
Mar. 31, 2012
Convertible Notes Payable [Member]
|
Dec. 31, 2011
Convertible Notes Payable [Member]
|
Dec. 20, 2011
Convertible Notes Payable [Member]
|
Jan. 31, 2007
Convertible Notes Payable [Member]
|
|
| Convertible Notes Payable [Abstract] | |||||||
| Debt Instrument, Face Amount | $ 115,000,000 | ||||||
| Debt Instrument, Interest Rate, Stated Percentage | 3.75% | ||||||
| Debt Instrument, Convertible, Effective Interest Rate | 6.03% | ||||||
| Additional non-cash interest expense | 300,000 | ||||||
| Redemption of convertible notes payable | 114,100,000 | ||||||
| Purchase of Convertible Notes Payable, Average Discount Rate | 11.00% | ||||||
| Redemption Of Convertible Notes Payable at Par | 24,000,000 | ||||||
| Convertible Notes Payable | $ 930,000 | $ 930,000 |
| X | ||||||||||
|
- Definition
Debt Instrument, Convertible, Non-cash Interest Expense No definition available.
|
| X | ||||||||||
|
- Definition
Purchase of Convertible Notes Payable, Average Discount Rate No definition available.
|
| X | ||||||||||
|
- Definition
Redemption of Convertible Notes Payable No definition available.
|
| X | ||||||||||
|
- Definition
Redemption Of Convertible Notes Payable at Par No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Including the current and noncurrent portions, carrying value as of the balance sheet date of a written promise to pay a note, initially due after one year or beyond the operating cycle if longer, which can be exchanged for a specified amount of one or more securities (typically common stock), at the option of the issuer or the holder. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The effective interest rate on the liability component of convertible debt instrument which may be settled in cash upon conversion, including partial cash settlement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The stated principal amount of the debt instrument at time of issuance, which may vary from the carrying amount because of unamortized premium or discount. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Interest rate stated in the contractual debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
FAIR VALUE MEASUREMENTS Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) (Fair Value, Measurements, Recurring [Member], USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2012
|
Dec. 31, 2011
|
|---|---|---|
|
Fair Value, Inputs, Level 1 [Member]
|
||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative financial instruments (Note 7) | $ 0 | |
|
Fair Value, Inputs, Level 2 [Member]
|
||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative financial instruments (Note 7) | 2,951 | 3,500 |
|
Fair Value, Inputs, Level 3 [Member]
|
||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative financial instruments (Note 7) | $ 0 |
| X | ||||||||||
|
- Definition
Derivative instrument obligations meeting the definition of a liability which the Company is a party to as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
FAIR VALUE MEASUREMENTS Fair Value by Balance Sheet Grouping (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2012
|
Dec. 31, 2011
|
|---|---|---|
|
Carrying (Reported) Amount, Fair Value Disclosure [Member]
|
||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Notes Receivable | $ 77,180 | $ 59,989 |
| Mortgage Notes Payable and Convertible Notes Payable | 812,630 | 788,840 |
|
Estimate of Fair Value, Fair Value Disclosure [Member]
|
||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Notes Receivable | 77,180 | 59,989 |
| Mortgage Notes Payable and Convertible Notes Payable | $ 824,386 | $ 792,737 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents loan receivable as presented on the statement of financial position which may include mortgage loans held for investment, finance receivables held for investment, policy loans on insurance contracts, or any other loans which are due the Company as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. No definition available.
|
|
RELATED PARTY TRANSACTIONS (Details) (USD $)
|
3 Months Ended | 3 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
|
Mar. 31, 2012
|
Dec. 31, 2011
|
Mar. 31, 2012
Lead Trustee [Member]
|
Mar. 31, 2011
Lead Trustee [Member]
|
Mar. 31, 2012
Unconsolidated Affiliates [Member]
|
Dec. 31, 2011
Unconsolidated Affiliates [Member]
|
Mar. 31, 2012
Core Portfolio [Member]
Brandywine Portfolio [Member]
|
Mar. 31, 2011
Core Portfolio [Member]
Brandywine Portfolio [Member]
|
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| Related Party Transaction [Line Items] | ||||||||
| Related party revenue | $ 200,000 | $ 500,000 | ||||||
| Receivable from related parties | 1,782,000 | 1,375,000 | 1,800,000 | 1,400,000 | ||||
| Related party transaction expense | $ 25,000 | $ 25,000 | ||||||
| X | ||||||||||
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- Definition
For an unclassified balance sheet, amounts due from related parties including affiliates, employees, joint ventures, officers and stockholders, immediate families thereof, and pension funds. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Expenses recognized during the period resulting from transactions (excluding transactions that are eliminated in consolidated or combined financial statements) with related party during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Revenues, net of returns and allowances, realized from sales and other transactions (excluding transactions that are eliminated in consolidated or combined financial statements) with related party during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Income Before Depreciation and Amortization No definition available.
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| X | ||||||||||
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- Definition
Number of Reportable Segments No definition available.
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| X | ||||||||||
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- Definition
Property Operating Expenses and Real Estate Taxes No definition available.
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| X | ||||||||||
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- Definition
Real Estate Investment Property, at Cost and Inventory, Real Estate, Construction in Process No definition available.
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Gain (loss) after tax expense or benefit, not previously recognized and resulting from the sale of a business component, which is recognized at the date of sale. A gain (loss) reflects the amount by which the consideration received exceeds (is exceeded by) the net carrying amount (reflecting previous provisions for loss on disposal, if any) of the disposal group. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
After tax income (loss) from operations of a business component (exclusive of any gain (loss) on disposal, or provision therefore) during the reporting period, until its disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount represents the difference between the fair value of the payments made and the carrying amount of the debt at the time of its extinguishment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Interest and debt related expenses associated with nonoperating financing activities of the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The portion of net Income or Loss attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow for acquisition of or capital improvements to properties held for investment (operating, managed, leased) or for use. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow from the acquisition of a piece of land, anything permanently fixed to it, including buildings, structures on it and so forth; includes real estate intended to generate income for the owner; excludes real estate acquired for use by the owner. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate revenue from real estate operations during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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LONG-TERM INCENTIVE COMPENSATION (Details) (USD $)
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3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
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Mar. 31, 2012
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Mar. 31, 2011
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Mar. 31, 2012
LTIP Units and Restricted Stock [Member]
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Mar. 31, 2011
LTIP Units and Restricted Stock [Member]
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Dec. 31, 2011
LTIP Units and Restricted Stock [Member]
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Mar. 15, 2012
Officer [Member]
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Mar. 15, 2012
Officer [Member]
LTIP Units [Member]
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Mar. 15, 2012
Officer [Member]
Restricted Stock [Member]
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Mar. 15, 2012
Other Employees [Member]
Restricted Stock [Member]
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Dec. 31, 2009
Senior Executives [Member]
Long Term Investment Alignment Program [Member]
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Mar. 31, 2012
Senior Executives [Member]
Long Term Investment Alignment Program [Member]
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| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
| Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures (in shares) | 279,611 | 1,358 | 9,435 | ||||||||
| Percent of Awards Issued to Officers Subject to Performance Measures | 17.00% | ||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||||||||
| Stock Granted During Period, Value, Share-based Compensation, Net of Forfeitures | $ 6,400,000 | ||||||||||
| Share-based Compensation | 970,000 | 853,000 | 200,000 | 2,600,000 | |||||||
| Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 3,800,000 | ||||||||||
| Long Term Incentive and Share Based Compensation Expense | $ 900,000 | $ 800,000 | |||||||||
| Maximum Percentage of Promote To Be Awarded as Share Based Compensation Awards | 25.00% | ||||||||||
| Percent of Units Awarded | 83.00% | ||||||||||
| X | ||||||||||
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- Definition
Long Term Incentive and Share Based Compensation Expense No definition available.
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| X | ||||||||||
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- Definition
Maximum Percentage of Promote To Be Awarded as Share Based Compensation Awards. Promote is defined as the amount above a certain performance measurement threshold. No definition available.
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| X | ||||||||||
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- Definition
Percent of Awards Issued to Officers Subject to Performance Measures No definition available.
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| X | ||||||||||
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- Definition
Percent of Units Awarded No definition available.
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| X | ||||||||||
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- Definition
As of the balance sheet date, the aggregate unrecognized cost of equity-based awards made to employees under equity-based compensation awards that have yet to vest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Description of the period of time over which an employee's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition, which may be expressed in a variety of ways (for example, in years, month and year). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Value of stock (or other type of equity) granted during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of any shares forfeited. This element is not the recognition of equity-based compensation expense in pursuant to FAS 123R. That element is AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue (Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition, Value). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Number of shares (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of any shares forfeited. Shares issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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SUBSEQUENT EVENTS (Details) (USD $)
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1 Months Ended | 1 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
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Mar. 31, 2012
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Dec. 31, 2011
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Apr. 30, 2012
Derivative Agreements [Member]
interest_rate_swaps
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Apr. 30, 2012
Interest Rate Swap [Member]
Cash Flow Hedging [Member]
Derivative Agreements [Member]
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Apr. 30, 2012
Mini Permanent Loan [Member]
Amendment of Loan [Member]
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Mar. 31, 2012
Construction Loans [Member]
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Apr. 30, 2012
Construction Loans [Member]
Amendment of Loan [Member]
extension_options
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Apr. 30, 2012
Construction Loans [Member]
Variable Interest Rate [Member]
Amendment of Loan [Member]
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Apr. 30, 2012
930 Rush Street [Member]
Chicago Illinois [Member]
Acquisition [Member]
sqft
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Apr. 30, 2012
Lincoln Park Centre [Member]
Chicago Illinois [Member]
Fund III [Member]
Acquisition [Member]
sqft
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| Subsequent Event [Line Items] | ||||||||||
| Square Footage of Real Estate Property (in square feet) | 2,930 | 62,700 | ||||||||
| Business Acquisition, Cost of Acquired Entity, Purchase Price | $ 20,700,000 | $ 31,500,000 | ||||||||
| Business Acquisition, Debt Assumption | 19,800,000 | |||||||||
| Long-term Debt | 811,700,000 | 787,910,000 | 69,600,000 | |||||||
| Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 77,180,000 | 5,400,000 | 56,500,000 | |||||||
| Basis Spread | 2.25% | |||||||||
| Number of extension options (in extension options) | 2 | |||||||||
| Period of extension options (in years) | 1 year | |||||||||
| Number of interest rate swaps (in interest rate swaps) | 2 | |||||||||
| Notional Amount of Interest Rate Cash Flow Hedge Derivatives | $ 69,600,000 | |||||||||
| Derivative, Fixed Interest Rate | 0.70% | |||||||||
| X | ||||||||||
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- Definition
Mortgage Loans on Real Estate, Number of Extension Options No definition available.
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| X | ||||||||||
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- Definition
Mortgage Loans on Real Estate, Period of Extension Options No definition available.
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| X | ||||||||||
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- Definition
The total cost of the acquired entity including the cash paid to shareholders of acquired entities, fair value of debt and equity securities issued to shareholders of acquired entities, the fair value of the liabilities assumed, and direct costs of the acquisition. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The percentage points added to the reference rate to compute the variable rate on the debt instrument. No definition available.
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| X | ||||||||||
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- Definition
Fixed interest rate related to the interest rate derivative. No definition available.
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| X | ||||||||||
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- Definition
Including current and noncurrent portions, aggregate carrying amount of long-term borrowings as of the balance sheet date. May include notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, which had initial maturities beyond one year or beyond the normal operating cycle, if longer, and after deducting unamortized discount or premiums, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The carrying amount of the outstanding balance due under the mortgage loan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of debt that an Entity assumes in acquiring a business or in consideration for an asset received in a noncash (or part noncash) acquisition. Noncash is defined as transactions during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate notional amount of all interest rate derivatives designated as hedging instruments in cash flow hedges. Notional amount refers to the monetary amount specified in the interest rate derivative contract. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Number of interest rate derivative instruments held by the entity at the reporting date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of square footage related to a real estate property. No definition available.
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| X | ||||||||||
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- Details
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